Home price insanity: $2.6 million for 900 square feet

June 19, 2018 / 5:15 AM
/ MoneyWatch

Skyrocketing home prices in Silicon Valley

If you're looking for homes in Palo Alto, Calif., our sympathies to your bank account. In the most recent example of home prices gone bonkers, a two-bedroom, one-bathroom cottage has been listed for $2.6 million.

At 900 square feet, that means you'd be paying more than $2,800 per square foot -- an eye-popping number more typical of a luxury penthouse in Manhattan than a suburban neighborhood. The cottage has a detached garage, but only outside basement access for the laundry room. There have not been any offers yet, though realtor Laura McCarthy says she had a number of showings.

"If you look globally, London has remained strong. New York has remained strong. We have a lot here. We have people coming in from all over the world," McCarthy told KPIX.